According to Spotlight on China, a report released recently by Ernst & Young, the economic growth-rate of mainland China has created unprecedented opportunities for Chinese and global media and entertainment companies. The report coincides with the Media & Entertainment Emerging Markets Executive Forum being held in Shanghai.

According to the report the compound annual growth rate for China’s media and entertainment industry between 2010 and 2015 is estimated to be 17%, which is significantly higher than the overall forecasted economic growth of the country. China is currently the second-largest film market in the world after the US and is expected to exceed the US box office by 2020. China is the largest internet market in the world and digital entertainment continues to grow exponentially.

Spotlight on China identifies several trends driving growth in China’s media and entertainment economy, including an increasing disposable income among consumers; the convergence of networks, devices and content; the digitization of distribution infrastructure; advertising expansion; growth of second-tier cities; emerging business models and regulatory reform.

“The challenges for media and entertainment companies to penetrate China are still considerable, however the vast potential of the market makes it impossible to ignore,” he says. “Companies will need to understand that investing in China is a long-term proposition, and those who can make that commitment will be in a much better position to succeed.”

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